We often hear technical analysts referring tohigher highs and higher lows. This of course is part of the definition of an uptrend.
Contrarily, lower lows and lower highs are part of a downtrend, even if you can have up days in between, just as you can have down days in uptrends. Since Febuary 11th, BIT has been in a downtrend from its recent highs, and looking more broadly, a downtrend since Oct 2018.
But where is the bottom of the down trend? Technically, it is when the lowest low and lowest high is reached. Today was such a day. But you never know, there may be another tomorrow. Picking bottoms is always a risky activity, so my mother always said.
Eventually though there comes a day when there is the lowest of lows and the lowest of highs. That will indicate the bottom (by definition).
Afterwards, it moves into the highs of up trends. Once the first HH and HL arrive, confirming the reversal, many technical analysts enter the trade.
I'll stick my furry neck out here and say that today was our lowest low and lowest high in the present downtrend. How do I know? Well, being St Pat's day, the little green leprechaun told me as much when he still appeared on this low day, that is, even though the chart indicates the two lows, we still closed green.
